Community Finance Co. v. Lloyd

Pannell, Judge.

1. The Georgia Industrial Loan Act (Ga. L. 1955, p. 431) provides in Section 15 thereof for the maximum rate of charge for loans made by a licensee under the Act {Code Ann. § 25-315). Paragraph (a) of this section is in part as follows: The licensee may “Charge, contract for, receive and collect interest at a rate not to exceed 8 percent per annum of the face amount of the contract, whether repayable in one single payment or repayable in monthly or other periodic installments. On loan contracts repayable in *23118 months or less, the interest may be discounted in advance, and on…